INTERNATIONAL COMMODITY NEWS :
• Gold prices eased in Asia on Thursday with continued focus on the holiday demand season with investors also eyeing the dollar. On the Comex division of the New York Mercantile Exchange, gold future for February delivery traded at $1,209.10 a troy ounce, down 0.09%, after hitting an overnight session low of $1,194.20 and off a high of $1,214.90. Overnight, gold futures edged higher on Wednesday after data revealed the U.S. private sector picked up fewer jobs than expected in November, which sparked a round of bottom fishing. Gold has taken a beating in recent months on expectations for U.S. monetary policy to grow less accommodative and boost demand for the dollar, which tends to trade inversely with the yellow metal.
• U.S. Natural gas prices fell for the fifth consecutive session on Wednesday to hit the lowest level in nearly five weeks as forecasts for unusually warm December weather weighed. On the New York Mercantile Exchange, natural gas for delivery in January fell by as much as 2.42% to touch a daily low of $3.780 per million British thermal units, the weakest level since October 30, before recovering to last trade at $3.800, down 7.4 cents, or 1.91%. A day earlier, U.S. gas futures lost 13.3 cents, or 3.32%, to settle at $3.874 per million British thermal units. Futures were likely to find support at $3.768 per million British thermal units, the low from October 30, and resistance at $4.026, the high from December 2.
• Copper prices edged lower on Wednesday, as a broadly stronger U.S. dollar and ongoing concerns over the health of China’s economy weighed. On the Comex division of the New York Mercantile Exchange, copper for March delivery fell 1.8 cents, or 0.61%, to trade at $2.874 a pound during European morning hours. A day earlier, copper for March delivery lost 0.6 cents, or 0.22%, to settle at $2.891 a pound. Prices hit $2.765 a pound on December 1, a level not seen since June 2010. Futures were likely to find support at $2.765 a pound, the low from December 1, and resistance at $2.899, the high from December 2.
• West Texas Intermediate and Brent oil prices tumbled sharply on Tuesday, as a broadly stronger U.S. dollar and ongoing concerns over a global supply glut weighed. On the New York Mercantile Exchange, Crude oil for delivery in January fell by as much as 3.27% to touch a daily low of $66.74 a barrel, before trading at $67.50 during U.S. morning hours, down $1.50, or 2.17%.
TRADING STRATEGY :
- SELL GOLD BELOW 1205.5 TARGET 1200.5 1994.5 SL 1211.5
- BUY GOLD ABOVE 1211.75 TARGET 1216.75 1222.75 SL 1205.5